CSCS PLC Records 12% Growth in Total Assets for 2018 FY

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Thursday, April 25, 2019  /  08:45PM  /  Ottoabasi Abasiekong for Proshare WebTV

 

The Central Securities Clearing Systems Plc in 2018 financial year achieved a 12% growth in Total Assets that accrued to N35.9bn. 

This was disclosed by the CEO of CSCS Plc Mr  Haruna  Jalo-Waziri at the 2019 stakeholders evening in Lagos. 

The 12% Total Assets growth in 2018, was a reflection of the five-year growth the company has experienced in revenue, share price and even total equity. 

According to him, “As aggregate trading activity weakened in the capital markets, we

strategically refocused on traditional CSD business lines to enhance earnings quality and growth sustainability into the future”. 

The leading Central Security Depository in Nigeria also paid excess dividend tax of N595.7mn in the previous year, which translated to a 21% effective tax rate. 

On the tax payment Jalo-Waziri noted that the payment, was a demonstration of adherence to good governance practices by CSCS Plc and the continued efficiency of its operations, as it improves its earnings quality. 

Speaking on capital appreciation in its 5-year financial performance review from 2014-2019, the CSCS boss said, “We are passionate about creating value for all our stakeholders. Over the period from 31 Dec 2015 till date, capital appreciation to shareholders has been 19.3% on a CAGR basis.” 

He also noted that in the area of core income for the 2018 financial year, the CSCS achieved a 4% growth which came to N8.82bn. 

The CSCS helmsman outlined five (5) strategic pillars for the next phase of the company’s growth in 2019, these include:

·         Process Optimization

·         Customer satisfaction

·         Improve technology deliver corporate goal

·         Partnership through strategic alliances across businesses and stakeholders

·         Revenue growth

 

In the area of setting down the building blocks for achieving growth, CSCS’s CEO  listed the following priorities:

·         ISO 27001: 2013 Recertification

·         Enterprise Architecture Diagnostic Review

·         CSD Rating Upgrade- Current rating is A+ from Thomas Murray

·         Ongoing Talent Repositioning

·         Data Quality Review & Cleaning

·         LEI Accreditation

·         Launched ‘resolutions@cscs.ng’

·         ISIN Issuance

·         Launched CSCS Customer Centre-0700CALLCSCS

 

These  steps according Jalo-Waziri  are set towards  enhancing client experience, leveraging STP processes to drive effective and efficient service delivery models. 

Giving the Chairman’s remarks, Mr Bayo Olugbemi, a board member thanked stakeholders for the support the CSCS has received over the years, and solicited their continued cooperation as the company takes steps to enhance operations and growth.

 

Proshare Nigeria Pvt. Ltd.


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